San Diego Foreclosure Defense Lawyer
Foreclosure & Bankruptcy
If you are facing the possibility of foreclosure and don't see how
you can recover from the situation, don't despair. You actually have
many options available and a San Diego bankruptcy attorney can help you
to understand these and the rights you have. One of these options is a
Chapter 7 bankruptcy. In California, your home is protected during such an action if you meet
certain requirements. If you are single and have less than $50,000 equity
in your home, or married and have less than $75,000 equity, your home
is not at risk from a Chapter 7. The same applies if you are over 65,
disabled, and have less than $150,000 in equity.
At San Diego Legal Pros, we can help you with the following:
Facing bankruptcy is never easy, but having an experienced lawyer figure
out what bankruptcy options are best for your financial situation can
help. Many times, filing for bankruptcy is intimidating and full of uncertainty
– people are afraid that they will lose all of their belongings.
However, Chapter 7 bankruptcy allows for some property to be exempt. For
instance, if your house meets certain qualifications it may be exempt
from liquidation. Your car and other belongings may be exempt as well.
Bankruptcy laws are enacted to give people a fresh financial start, not
necessarily to liquidate all of their personal belongings.
If you do not
qualify for a Chapter 7, a
Chapter 13 may be a viable solution. As your mortgage payments can be included in
the payment plan of this action, you have a chance to get back on top
of these payments. You are also assisted by having your other payments
arranged to a more affordable level. In this situation, the bank may not
foreclose on your house if you continue to make your post-petition mortgage payments.
Call (888) 875-9190 today
to request your
Options for Avoiding Foreclosure
There are also other approaches to your financial situation that may help
you to avoid foreclosure. At San Diego Legal Pros, we can review
these with you and help to determine which would be the best option according
to the specifics of your case and your financial goals. A
loan modification may be enough to make your mortgage manageable and we can help you to
pursue fair and advantageous terms. In some cases,
debt settlement or
debt consolidation that addresses your unsecured debts can make enough of a difference to
allow you to meet your mortgage obligations.
In short, a loan modification allows the debtor the opportunity to modify
their mortgage so that it differs from the original agreement –
usually giving the debtor more time to pay off their financial obligations.
Loan modifications may involve a variety of changes, including a principal
reduction, reduction of late fees, or lengthening of the amount of time
the debtor has to pay off the loan. Loan modifications may also result
in reduced interest rates or capping of the monthly payment that the debtor
owes. In many cases, loan modifications involve reassessing the debtor’s
situation in terms of percentages to see how much of their monthly income
they can reasonably devote to paying their mortgage.
Debt consolidation may be another viable option for families or individuals
facing financial hardship. In essence, debt consolidation takes all of
the debtor's individual debts and blends them into one, more manageable
debt. This reduces the number of smaller bills you have to pay each month,
and hopefully reduces the monthly amount that you owe towards your debts.
Speak with a lawyer from our firm to learn more about your debts, loans,
or other financial obligations.
Contact a San Diego debt lawyer
review possible options for avoiding foreclosure.